Used equipment & insurance

[Sidharth Kodikal]

I have never bought any used photography equipment, but was considering doing so.

Whenever I have bought insurance coverage for any equipment, the bill of sale is typically needed to show the value of the item.

How does one do that when buying coverage for used gear if the original bill is not available.
Does an "appraisal" from a reputed shop work? (if there is such a thing)

Of course, I'll be calling my insurance agent on Monday to ask, but figured folks here may have tips, dos and don'ts to share.

Any info appreciated
Thank you

[Chris Ober]

You should just be able to provide the serial number along with a print-out of a similar or the same model from an online retailer. When I had to file a claim on mine, they didnt' even ask for proof of the value and did their own research as to what a new similar item was worth and I had the option of providing something different. In all the cases, they went by the manufacturers suggested retail price. They have never asked for a copy of the receipt and most of my stuff was purchased used.

[Marina Scarr]

Some of my equipment is used and it has never been a problem with insurance through NANPA b/c you decide how much it's worth, and you pay a premium on that amount. You don't even need to provide a bill of sale or an appraisal. All you need to do is give them the serial #, approx when you bought it, not even if you bought it new or used, and what value YOU place on it. I dont' really know how it works with other insurance companies.

[AJ Witt]

I have my insurance through The Hartford and works similarly to what Marin mentioned above. I place my own covereage amount on the item.

For example, last year I purchased a Nikon 500mm f4 lens for $6K. I insured it for the purchased amount. When the lens fell off my tripod earlier this year, if it hadn't been repairable, I would've gotten $6K from the insurance company, which is a far cry from the $8,500 it would've cost me to buy a new one. I approached my insurance company about this question and they suggested that I re-evalulate all of my equipment and change the values I put on each item to it's replacement cost of a new one...so needless to say that's what I did.

Now, hopefully I won't have to make another claim, but if I do, I feel better knowing that I will be able to replace the eqipment pretty easily minus the deductible.

[Sidharth Kodikal]

Many thanks for all the informative comments.
So far I have been using a rider policy on my home insurance and that has worked out pretty well.
There's a zero deductible, and the one time I had to make a claim, it was completely hassle free.
It is certainly good to know all these other options too. Very happy to know that used equipment can be insured and that there are good options on doing so out there.

Thanks again,
Sidharth